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CBS
Jan 2, 2013 12:00pm EST
after lawmakers approved a bill that prevents a middle class tax hike and delays automatic spending cuts. congress and the white house struggled to get the deal done, and neither republicans or democrats seem pleased with the outcome. >> someone stop hitting you in the head with a hammer and you're supposed to say thank you so much for the relief. >> reporter: many voters are upset it took lawmakers so long to reach a compromise. >> i think we needed a deal. i'm not necessarily all together happy. >> reporter: the measure raises taxes on families making more than $450,000 a year and extends long-term jobless benefits for a year. but the package does not include spending cuts as many republicans voted against it. >> i would like to be speaking for this bill but i can't. >> reporter: congress steered away from this fiscal cliff at the last minute, but another showdown is just around the corner. in two months the treasury will need to increase how much the country can borrow and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downg
ABC
Jan 2, 2013 6:30am EST
months government will reach the limit on borrowing unless congress acts. bill only delays large cuts to the pentagon and other government programs. although congress missed the january 1st midnight deadline by-passing the compromise deal in the house and senate, congress can try to take credit for retroactive tax cuts. >> it's a very, very strong first step. >> this is an important one. that is critical one for the future of the country. >> reporter: so in march another round of fighting as congress tackles the debt ceiling. sherrie johnson, abc2 news. >>> immediately after commenting on the house vote the president headed to andrews air force base in maryland and this is new video from overnight where he boarded the plane to fly to hawaii to rejoin his family. obama spent five days there before returning to the white house last thursday. >>> changes are coming to the health care for the coming year of 2013 the main is health insurance exchanges. they must be up and running by october 1st. only 18 states including maryland on thed to build their exchange. other things you need to wat
CBS
Jan 2, 2013 12:00pm PST
and delays automatic spending cuts. congress and the white house struggled to get the deal done and neither republicans nor democrats seem pleased with the outcome. >> someone stop hitting you in the head with a hammer and you're supposed to say thank you so much for the relief. >> reporter: many voters are upset it took lawmakers so long to reach a compromise. >> i think we needed a deal. i'm not necessarily altogether happy. >> reporter: the measure raises taxes on families making more than $450,000 a year and extends long-term jobless benefits for a year. but the package does not include spending cuts and many republicans voted against it. >> i'd like to be speaking for this bill, but i can't. >> reporter: congress steered away from the "fiscal cliff" at the last minute but another showdown is just around the corner. in two months, the treasury will need to increase how much the country can borrow and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downgraded. the president says that doesn't need to happen again. >> the one thin
ABC
Jan 2, 2013 6:00am EST
will reach the limit on borrowing unless congress acts. the bill delays large cuts to the pentagon and other government programs. now although congress missed the january 1st midnight deadline by-passing the compromise deal in the house and senate, congress can try to take credit for retroactive tax cuts. >> i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle class tax hike that could have sent the economy back into a recession. >> reporter: now the president praised the deal and quickly took off for a hawaiian vacation. now in march, another round of fighting as congress tackles the debt ceiling. reporting live, sherrie johnson. >> after this happened maryland congressman andy harris released a statement in part reading, i oppose this legislation that increases taxes on 77% of people in my district. and here's why congressman harris says the deal actually raises taxes on most americans. that deal prevented an increase on income taxes but you will have to pay more coming out of your paycheck. that's because this deal didn't extend to the payroll ta
FOX
Jan 2, 2013 5:00am PST
cuts for two months. even though congress acted to avert income tax hikes on most americans, your paycheck will still shrink in 2013. ktvu janine de la vega is in san jose right now to explain about the end of the payroll tax holiday. what does that mean? >> reporter: dave, we plan on talking to people as they make their way to work today because the ending of the payroll tax all effect people's paychecks. here is what you need to know. for the past two years americans were enjoying a boost in their paycheck. this payroll tax cut lowered the social security tax from 6.2% to 4.2%. that was an emergency measure put back into place in 2010 to help boost the economy. now the payroll tax is bouncing back up to 6.2% which means less money in your paycheck. here's a break down. the average family making $50,000 a year will see their paychecks decrease by $1,000 a year. the average family making $75,000 a year will see a drop of $1500 a year. the average family making $100,000 a year will see $2,000 less annual. congress was foe cushioned on preventing deeper spending cuts and bigger tax
ABC
Jan 2, 2013 5:30am EST
and senate, congress can take credit for retroactive tax cuts. >> it's a very, very strong first step. >> this is an important one and a critical one for the future of the country. >> reporter: now in about two months, congress needs to deal with spending cuts they put off and there will be a fight over the debt ceiling. reporting live in federal hill, sherrie johnson, abc2 news. >>> so the deal is done and we won't pay anymore in taxes this year. but it's not true. the fiscal cliff deal keeps income tax rates at courage level for 98% but doesn't extend the payroll tax cut. more will go into socialsecurity. most lower and middle income familiesly vied -- families will avoid a thousand more in income taxes they will pay more for payroll taxer. >>> 2013 means changes are coming to health care. big thing to watch is with the health insurance exchanges. they have to be up and running by october 1st. only 18 states including maryland on thed to build their exchange -- opted to build their own exchange. other things to watch out with the health care reform act is contributions to a flexible
FOX Business
Jan 2, 2013 11:00am EST
," but if congress gets together, avert a fight over the debt ceiling and spending cuts, what would it take to take the rally and push it further, maybe break out some of the levels holding us back? >> really good economic numbers, real continuing decline of job markets, a big pickup in the housing market, increased, you know, growth over in china age the rest of the world, not this -- adam: we're getting it, but answering my own question, contraction in europe, and china's the biggest party there. doesn't look to happen. >> in addition to the four year cycle, post election, the worst of the four years, indication we're in the bear market, that takes a lot to drive us to significantly all-time highs. adam: bear klausing are out, thank you. >> thank you. cheryl: the next guest says we should have gone over the cliff to force congress to cut spending. president of pure center for urban renewal. what happened, though, to the markets, to the economy over the cliff? that would have been a big mess today. you still say we shouldn't have done it, why? >> it would have been a mess today, but not in six mon
CBS
Jan 2, 2013 4:00am EST
to spend. >> president obama has promised to work with congress to find more spending cuts in the future, but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. >> treasury secretary of state timothy geithner has warned congress the country is a few months away from defaults on its loans for first time in history. >> the consequences would be catastrophic, far worse than the impact of a fiscal cliff. >> but many say the debt limit debate is the last chance femme them to secure the deep spending cuts necessary to pay down our nation's debt. and the bill now heads to president obama for his signature. terrell? >> tara mergener in washington this morning. thank you so much. >>> still the measure passed with bipartisan support. the deal die provided the leadership in the house. speaker john boehner and paul ryan voted yes, but house majority leader eric cantor who led a brief last-minute charge against the deal and kevin mccarthy voted no. earlier i
ABC
Jan 2, 2013 2:35am EST
. but passing the compromise deal in the house and senate, congress can take credit for retroactive tax cuts. to avoid this fiscal cliff, congress essentially set up new ones. in just two months, they're going to have to deal with the automatic spending cuts they put off, and there's going to be a nasty fight over the debt ceiling. john and paula, back to you. >> we get to look forward to so much more. >>> victims of hurricane sandy will have to wait longer for help. lawmakers did not vote on a measure to provide aid to people affected by the storm. the senate hassocked more than $60 billion to the region, but house republicans say the price tag is too high and includes too much pork. >>> secretary of state clinton spending her fourth day in the hospital being treated for blood clots. chelsea clinton tweeted, thank you for all sending good thoughts my mom's day. grateful to her doctors and that she'll make a full recovery. still not clear how soon clinton will be able to go home. >>> overseas now, and gunman in northwest pakistan have am busheled a van, killing five pakistani teachers and tw
FOX Business
Jan 1, 2013 9:00pm EST
that it involves a lot of spending and tax cuts and tax reductions that congress does at the end of every year anyway. so when congress has a deficit score, as it's called for a particular proposal it assumes that all the tax rates refer to the clinton era tax rates and that millions of americans that normally don't pay the alternative minimum tax would pay the amt and that doctors who treat medicare patients would automatically get a major pay cut beginning at the year. all that is basically spending and tax cuts that congress does at the end of every year anyway. that deficit number, while it is striking, it's basically what the can present to from the congressional budget office assumes congress will do every year. they just can't by law say that will happen because it's not in law. we don't do much long-term was bank. when you said that congresswoman louise slaughter is hoping to get this done before markets over, there will be a vote before markets opened. we may be getting a vote before the end of the day. baboon that's the time we expect the house will vote on this proposal. the senate-
MSNBC
Jan 2, 2013 2:00pm PST
reason it's becoming difficult for congress to cut a deal. you're watching "hardball," the place for politics. losec otc. now with a fancy coating that gives you a burst of wildberry flavor. now why make a flavored heartburn pill? because this is america. and we don't just make things you want, we make things you didn't even know you wanted. like a spoon fork. spray cheese. and jeans made out of sweatpants. so grab yourself some new prilosec otc wildberry. [ male announcer ] one pill each morning. 24 hours. zero heartburn. satisfaction guaranteed or your money back. aww man. [ male announcer ] returns are easy with free pickup from the u.s. postal service. we'll even drop off boxes if you need them. visit usps.com pay, print, and have it picked up for free. any time of year. ♪ nice sweater. thank you. ♪ >>> let me finish tonight with this question. why was it so ditfficult to avod the fiscal cliff. that's a question i'm sure voter who is have been clambering for compromise would like answered. nate silver had a partial response in a recent 538 block post. silver noted where i
ABC
Jan 2, 2013 5:00pm EST
their taxes go up. also not getting done, spending cuts. one analyst said today congress kicked the drone down the road, postponing cuts for another month. republicans say they will fight raising the debt ceiling without significant spending cuts. >> the president has maxed out his credit card and he's not going to get an unlimited credit card. >> he is back in hawaii today but president obama feels congress spent the money and will have to raise taxes further. >> i will not have another debate with congress over whether or not they should pay the bills they have already racked up. >> of late this afternoon, house republican leaders backed down over their decision to postpone a force and the victims after both parties blasted lack of action. now, congress will vote on $9 billion in aid and additional aid later when congress officially returns to the new session. >> we are going to stick with the fiscal cliff for a moment because lawmakers are not the only ones sounding off about it. we have reaction from taxpayers to how much more they will still be paying. >> it is a huge concern
ABC
Jan 2, 2013 1:40am PST
can try to take credit for retroactive tax cuts. to avoid this fiscal cliff, congress essentially set up new ones. in just two months, they're going to have to deal with automatic spending cuts they put off, and there's going to be a nasty fight over the debt ceiling. john and paula, back to you. >> so basically they just worked out the tax code here. they've got the spending cuts coming up in the next couple of months. but republicans in the house didn't really like it. they voted just about 2-1 against it. but this gives them a little leverage coming up when they start negotiating for the spending cuts. i thought it was interesting, two that did vote for it, the speaker of the house, john boehner, and former vice presidential candidate paul ryan voted for the bill. against it, marco rubio. so that sets up a nice dynamic for 2016. >> no doubt about it. to put it very simple, they kicked the can down the road a little bit. we're going to catch back up with it and deal with it again. >> one other quick note, i think everybody will take a little bit of a hit because the expiration of th
CBS
Jan 2, 2013 7:00am PST
. the bill just pushes off those cuts for two months so you're going to see congress and the white house fighting right away about how to replace the sequester with more sensible cuts once and for all. >> nancy cordes thanks nancy. >>> shortly after the house vote president obama got on a plane to resume his christmas vacation in hawaii but first he complained to reporters about how hard it was to reach a deal and insisted it won't happen again when the debt ceiling battle comes around. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already wracked up through the laws that they passed. the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much. >> major garrett is in the white house briefing room where the president made that announcement just hours ago. major, good morning. >> good morning. >> major, just to start with what was the reacti
CBS
Jan 2, 2013 5:00am PST
: president obama ahead promised to work with congress to find more spending cuts in the future. but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >> reporter: treasury secretary timothy geithner has warned congress that the country is just a few months away from defaulting on its loans for the first time in u.s. history. >> the consequences for the entire global economy would be catastrophic far worse than the impact of a "fiscal cliff." >> reporter: but many republican congressmen say the debt limit debate is the last chance for them to secure the deep spending cuts necessary to pay down our nation's debt. the bill now goes to president obama for his signature. back to you. >> thank you. >>> most overseas stock markets jumped higher today on news that the u.s. "fiscal cliff" has been averted. here's the kospi stock exchange in korea celebrating its first trading day in 2013 it finished up today, as did hong kong, germany, australia, britain
KOFY
Jan 1, 2013 9:00pm PST
but bypassing the compromise deal on the house and senate congress can take credit for retroactive tax cuts. avoid this cliff congress exceptionally set up new ones n.2 most they have to deal with the automatic spending cut they put off and have a nasty fight over the debt ceiling. abc news washington. >>> that deal now goes to the president. stock in asia are already up over the news and of course the real test comes tomorrow when the stock exchange open ins new york at 6:30 in the morning. more on that on our morning news that begins at 4:30 am. now to the weather and very cold temperatures outside. spencer here with quick look at the numbers. >> very cold is right. possibly under statement look at live doppler 7 hd absence of clouds and precipitation and temperatures dropping. 33 agrees in fairfield. 37 livermore. it's quite cold all around the bay area tonight and speaking of the cold snap we have a freezing warning in effect for virtually the entire north bay from 11:00 p.m. to 9 am. low pressure in the affected area here from 24 to 28 degrees freezing damage possible to cro
CBS
Jan 2, 2013 6:00am PST
. >> reporter: president obama has promised to work with congress to find more spending cuts in the future. but he urge them not to play politics with the debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >> reporter: treasury secretary timothy geithner has warned congress the country is just a few months away from defaulting on its loans for the first time in u.s. history. >> the consequences for the entire global economy would be catastrophic, far worse than the impact of a "fiscal cliff." >> reporter: but many republican congressmen say the debt limit debate is the last chance for them to secure the deep spending cuts necessary to pay down our nation's debt. the bill now goes to president obama for signature. back to you. >> thank you. >>> our other big story the weather this morning. it could be the coldest morning of the week. let's get a first look at weather with meteorologist lawrence karnow. >> we have some very dry air outside. temperatures plummetting right now. we have freeze warnings
FOX
Jan 2, 2013 12:00pm PST
,000 or more a year and individuals making $400,000 or more. but congress pushed off deep government spending cuts for two months and the country is hitting the debt ceiling. >> three set up three more fiscal cliffs. we are gonna look back on this night and regret it. >> president obama rejoined his family in hawaii this morning. the white house had no immediate details when the president will receive and sign the bill. >>> well, stocks are sharply higher due to the fiscal cliff deal but some market watchers are cautioning that the euphoria could be short-lived because of the many challenging issues that remain unresolved. the dow is slightly off, but remaining up more than 200 points. it's up now 235 at 13,339. well, despite the fiscal cliff deal, everyone's paycheck will still be at least a little bit smaller this year. ktvu's janine de la vega is in los gatos to explain about the end of the payroll tax holiday. >> reporter: good afternoon. this tax cut has expired and it will affect every wage earner. most people that we spoke to this morning had no idea that it would affect their paycheck
CBS
Jan 1, 2013 11:00pm EST
reduction as congress, they decide what to do with the automatic spending cuts that we have now delayed for two months. and i want to make this point as i have demonstrated throughout the past several weeks. i am very open to compromise. and i agree with the democrats and the republicans that the aging population and the rising cost of health care will make medicare the biggest contributor to our deficit. i believe that we've got to find ways to reform that program without hurting seniors who count on it to survive. and i believe that there is further unnecessary spending on government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand and hand with further reforms for our tax codes. and so that the wealthiest corporations and individuals, they can't take advantage of loopholes in deductions that aren't available to most americans. and we can't keep cutting things like the basic research and new technology and still expect it to exceed in the 21st century economy. and so we're going to have to continue to move forward in the deficit red
NBC
Jan 2, 2013 9:00am EST
diverted income tax hikes for most persons but delayed decisions on spending cuts. congress now needs to raise the debt ceiling, he says, so the government can keep paying its bills. if not, he says the consequences could be far worse than the impact of the fiscal cliff. >>> secretary of state hillary rodham clinton will fully recov recover, doctors are confident, from a blood clot in her head. she is said to be in good spirits and making excellent progress. the blood clot behind her right ear formed after a concussion from a fall. >>> justin bieber's sports car. he was not in the car at the time. the photographer was struck by another vehicle as he returned to his own car. officials say no charges are expected against the driver who hit him. >>> today an open house is being held in connecticut at a repurpose school for survivors of last month's sandy hook elementary massacre. teachers and other workers have been busy get thing the space ready for the students, painting and moving furniture. classes at the new facility begin tomorrow. counselors say it's important for children to get
ABC
Jan 1, 2013 5:30pm PST
: everyone is curious to see what happens overnight. one of two things could happen. if congress does attach spending cuts to this bill, that bill is blown up and you could see markets really sell off tomorrow. if this is just punted along, markets could be a little bit more patient but patience is running out. and as you mentioned, 401(k)s are being affected, as well. >> because of all the jitters. bianna, thank you. >>> we're going to turn now to secretary of state hillary clinton. doctors keeping a careful eye on mrs. clinton. we reported last night on their discovery, the blood clot right next to her brain. tonight, we know former president bill clinton and their daughter chelsea have been by her side and the first message from chelsea on twitter. here's abc's sharyn alfonsi now. >> reporter: chelsea clinton leaving the hospital, where her mother will spend a third night. later, optimistically tweeting, "thank you all for sending good thoughts my mom's way. grateful to all her doctors and that she'll make a full recovery!" but it's clearly a serious setback for the secretary. it's been t
CBS
Jan 2, 2013 6:00am EST
: while the bill delays spending cuts for two months for the new congress to handle these issues, the sequestration, and the debt ceiling, it is the main reason why democratic congressman jim moran opposed this bill. we will hear from him in the next half-hour. but again, it was a late night here on capitol hill. we should be getting used to that in the year 2013. back to you. >> surae chinn reporting live from capitol hill. >>> at 6:03, jessica doyle still watching your money report and the fiscal cliff. >> and the fight we should continue to expect with congress having several other hurdles to deal with. >> our money problems are far from over. in fact, they're just really beginning for this new year. it is a great quote very for you to sum up the year ahead. this comes from a december 27th blog on the tax policy center website. quote: it looks as if lawmakers will spend 2013 staggering from crisis to crisis not unlike a bunch of nasty drunks weaving their way from barroom to barroom. so what type of crisis are we talking about here? we'll run through the timeline. right now th
ABC
Jan 2, 2013 6:30pm EST
spending cuts happen on march 1st, unless congress acts. that means potentially hundreds of thousands of government employees put at risk. finally, funding for the government itself runs out on march 27th, unless the white house can get some cooperation with republicans in congress. >> that's a mega-cliff coming. thank you so much, jon. >>> and we have a note now under the file, really, did you know this, is it possible? the president has until noon tomorrow to sign that bill into law, but the president is now back in hawaii, so, the question becomes, how does he get it signed? there are two options for this. one, they can fly it overnight to him in hawaii and the other is something called an auto pen. and it's a mechanism that signs the president's signature and did you know that the president's signature can be done this way on a law? they're still not saying yet which option the president will choose. >>> and we have a reminder that tomorrow night, we're going to bring you an interview that will mark an historic milestone. i sat down with 19 of the 20 female senators starting work
CSPAN
Jan 2, 2013 6:00am EST
existence of this congress. finally, considering bipartisan legislation to provide middle- class tax cuts and require the wealthiest once again pay their fair share so we can grow the economy, create jobs, and protect the most vulnerable in our society. it is indeed well past time that we got about the people's business. i served on the group of both republican and democratic representatives and senators who worked with the vice president on our nation's fiscal issues. we made good progress in those talks until our republican friends walked away, fearing the wrath of the tea party. i also served in the bipartisan joint select committee on deficit reduction, the so- called super committee, that spend countless hours discussing these issues in detail. it was very clear -- the elements of a fair and balanced fiscal plan were achievable. but at the end of the process, the republican leaders refuse to compromise and the super committee failed. so here we are. well this is not a perfect bill, and i have serious concerns about some of the cuts it contains, it does contain the element of fairness
CBS
Jan 2, 2013 4:30am PST
obama has promised to work with congress to find more spending cuts in the future. but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress other than over whether they should pay the bills they have already racked up. >> reporter: the country is just a few months away from defaulting on their loans for the first too many in history. >> it would be catastrophic, far worse than the "fiscal cliff." >> reporter: many republican congressmen say the debt limit debate is the last chance for them to secure the deep spending cuts necessary to pay down our nation's debt. tara mergener for cbs news, washington. >>> after his address, president obama returned to hawaii to finish his vacation and will sign the bill there. >>> most overseas stock markets rose on news of the u.s. "fiscal cliff" has been averted. the kospi stock exchange in south korea celebrated its first trading day in 2013. it finished up as did hong kong, australia, germany, britain and france. here in the u.s., the new year's first day of trading begins in about
ABC
Jan 2, 2013 11:00am PST
increase on salaries by 2% every worker up to $110,000 a year. then the stuff it didn't do. congress set up new ones, in just two months they will need to deal with the automatic spending cuts and nasty fight over the debt ceiling. last night president obama declared he is not willing to debate congress on the borrowing limit. >> we can't not pay bills that we have already incurred. >> president obama said if congress refuses to raise the debt ceiling the consequences for the global economy would be catastrophic far worse than any fiscal cliff. >>> another high profile vote could come towed. this morning president obama told house republicans they should vote now on hurricane sandy aid, quote, without delay. this has new york lawmakers chastised house republicans for deciding to put the vote off for a few months. people in the region are still trying to recover with the worst winter months still ahead. the senate approved a $60 billion measure friday while a house committee drafted a bill about half that size. >>> students from sandy hook elementary got a sneak peek at the campus where they
PBS
Jan 1, 2013 5:30pm PST
with demands for more spending cuts. congress began the new year having missed its deadline to keep tax cuts from rising back to 1990's levels for most americans. and to prevent across-the-board spending cuts. instead, house republicans and democrats spent much of the day mulling a bill that cleared the senate shortly before 2:00 a.m. >> the yeas are 89. the nays are 8. 60-vote threshold having been achieved, the bill as amended is passed. >> woodruff: the senate bill makes permanent the bush-era tax cuts for 99% of families, those with incomes under $450,000 a year. anything over that amount would be taxed at a rate of 39.6%, up from the current 35. the agreement would raise the estate tax on large estates to 40%. but the payroll tacut of the last two years would expire. the bill also extends unemployment benefits for a year and it stops a cut in medicare payments for physicians. the senate vote was a rare show of unity welcomed by leaders of both parties. >> as i said, this shouldn't be the model for how we do things around here. but i think we can say we've done some good for the country.
FOX Business
Jan 1, 2013 10:00pm EST
not support this, and so it would very much be blamed for this particular deal not getting through congress if they didn't vote for tonight. diane: what happens with the spending cuts? we have seen the republicans but quite a bit from the tax increases, no licking a 40,450,000 for individuals and couples. we have not seen as much movement on the spending cuts. is an expectation that we will? >> one of the things that we have seen about this deal that you have to look at is something that is not in it, the increase in the debt ceiling. that was one of the final offers that the white house had given back when the white house was negotiating directly with house speaker john boehner. they wanted for years of increases in debt ceiling a party, something republicans were not willing to budge on. without an increase in the debt ceiling, it allows republicans to engage the white house and democrats in yet another fight to cut spending in exchange for raising the debt ceiling, so that's the next fight that the next congress will pick up once it gavels in at noon on the third. diane: we are watching
ABC
Jan 2, 2013 4:00am PST
spending cuts first. president obama says congress has an obligation to raise the debt ceiling. and that is not negotiable. >>> just days after u.s. officials blame the popularity of apple devices for a rise in crime, there was a heist in paris. armed robbers hit the main apple store there after it closed. they got away with more than $1 million in apple product, such as the iphone 5. $1 million worth. >>> but the iphone 5 is so last year, apparently. apple seems to be getting ready for this year. there's signs we could see another tim cook announcement this spring for an iphone 6. developers are seeing markers left behind by new devices left at apple headquarters. those markers say iphone 6. >> bigger, faster, stronger, everything. >>> and poor warren buffett, no longer the third-rich et billionaire. the bloomberg billionaire inthe exsays amancia ortega has a net worth of $57.5 billion. second-richest is bill gates with $63 billion. and number one is mexican telecommunications magnate carlos slim, with $75 billion. buffett falling to fourth. >> you are fifth on that list, righ
FOX
Jan 2, 2013 7:00am PST
because congress was focused on spending cuts and larger tax hikes. reporting live from san jose, janine de la vega, ktvu channel 2 news. >>> 8:04. well, san francisco school students who eat school lunches are about to eat healthier. starting on monday, san francisco unified school district will introduce a new lunch menu provided by revolution foods. no more frozen foods, no more mystery meat. revolution foods say they make meals using local ingredients. no high-fuke dose corn syrup and nothing is -- no high- fructose corn syrup and nothing is frozen. >>> a new study finds a few extra pounds may not be bad to your health but the risk of death does rise substantially for those who are obese. researchers at the us centers for disease control analyzed 97 studies involving almost 3 million people worldwide. they found people with a body mass index considered moderately overweight had a 6% chance of death. but those with a higher bmi had a 29% higher chance of death. a bmi of 29 to 30 is considered overweight. i think 20, 25 is considered normal. >> why were you looking at me when you were
ABC
Jan 2, 2013 4:00am EST
$400,000 a year. not to mention, the bill only delays large cuts to the pentagon and other government programs. so, in march, we may see another round of fighting. president obama says he hopes congress can strike a deal with a little less drama. paula and john? >> don't count on it. >> let's hope so. round two of the spending cuts. what are the chances that republicans go along with raising the debt ceiling? i know they believe maybe they have a little leverage now? >> reporter: i feel like we've seen this movie before. republicans are going to have to vote for raising the debt ceiling. but they want deeper spending cuts and deficit reduction. and they'll probably get it. but it could be another ugly fight in two months. >> it's interesting that john boehner and paul ryan voted in favor yesterday, as well. interesting dynamic there. tahman bradley in washington. thank you, tahman. >>> and new york lawmakers are furious this morning after the house ditched a vote on billions of dollars of aide for victims of hurricane sandy. house gop leaders decided to wait for the new session of con
FOX
Jan 2, 2013 5:00pm EST
ahead over spending cuts. whether to raise the debt ceiling. the bill congress passed delays automatic spending cuts from going into effect for twotw months, and didn't deal with the debt ceiling, many republicansrp are hoping for a bigger deal. >> i think that the president miss ad great opportunity, oneop of leadership, he has been re elected, he has four years left. and this will be part of his legacy, the failure to step up and do the big thing when he could. >> president obama promising to deal with the spending cuts, and yesterday, he warned republicans about getting into another political squabble. so how do average americans feel about the fiscal cliff deal? beth parker stopped by locallo diner where customers were dishing their thoughts. >> and how do you want youry eggs? >> reporter: they are working 24 hours a day at bob and edith's diner in arlington. the customers which congressi would do the staple. >> i'm really upset with congress right now.ig i just feel like it's a complete failure. >> reporter: they watched thethe nation edge towards the fiscal cliff. >> i've been in
ABC
Jan 2, 2013 1:05am PST
bipartisan support would extend tax cuts for all tax earners earning less than $400,000 a year and tax hikes on those estates worth $5 million. and benefits set to expire for some two million people. since congress missed the january 1st midnight deadline, technically the country did go over the fiscal cliff, but bypassing the compromise deal in the house and the senate, congress can try to take credit for retroactive tax cuts. >> to avoid this fiscal cliff, they set up new ones. in just two months they will have to deal with the spending cuts they put off and have a nasty fight over the debt ceiling. karen travers, abc news, washington. >>> stocks hit a five-month high after the house voted. many were worried if the vote had failed, it may have pushed the u.s. into a recession. now the real test comes tomorrow when the stock exchange opens in new york at 6:30 in the morning. we're going to have more on that. that begins at 4:30 a.m. >>> president obama left washington late tonight. he is returning to hawaii to rejoin his family for a vacation. the president interrupted his traditional chris
ABC
Jan 2, 2013 5:00pm EST
this morning. late last night congress finally spent president obama legislation. >> this law is just one step in the broader effort to strengthen our economy oar at one point it looked like the deal could fall apart. >> there's no spending cuts. we're adding $4 billion a day to the debt what we're really doing is raising taxes to gift president more money top spend. >> reporter: some republicans were pushing house speaker john boehner to add new spending cuts, but ultimately, there weren't enough votes to get that passed. so the house approved the senate measure. it prevent as tax hike on estates less than $5 million and extends unemployment benefits for some 2 million people but the payroll tax could expire, which means an increase on salaries by 2% for workers earning up to $110,000 a year. then stuff the bill didn't do. to avoid this fiscal cliff congress set up new ones. two ones they will have to deal with the automatic spending cuts. there lab nasty fight over the debt ceiling. last night president obama said he's not willing to debate congress on the borrowing limit. >> we can not not
FOX Business
Jan 1, 2013 11:00pm EST
as congress decides what to do about the automatic spending cuts that we have now delayed for two months. as i have demonstrated throughout the past several weeks, i am very open to compromise i believe that we have to find ways to reform the program. there is further spending that we can eliminate in government. but we can't simply cut away to prosperity. cutting spending has to go hand-in-hand with further reforms to our tax code so that the wealthiest corporations and individuals can take advantage of loopholes and deductions that aren't available to most americans. and we can't keep putting things like basic research and new technology and still expect to succeed in the 21st century economy.. we have to do it in a balanced way. even as we get a handle on our spending. i will not have another debate with this congress over whether or not they should pay the bills that they have wrapped up through the laws they pass. we cannot pay bills we have already incurred. the consequences would be catastrophic. borrowers from a fiscal cliff we can't go down that path again. today's agreement enshrined
NBC
Jan 1, 2013 11:00pm EST
as a reduction as congress decides what to do about the automatic spending cuts now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks, i am open to compromise. i agree with the democrats and republicans that the aging population and the rising costs of health care makes medicare the biggest contributor to our deficit. i believe we have to find ways to reform the program without hurting seniors to count on it to survive. there is further unnecessary spending in government that we can eliminate. but we cannot simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax coats of that the well as corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans. we can i keep cutting things like basic research and new technology is still expected to succeed. we are going to have to continue to move forward attended as a reduction but we have to do it in a balanced way, making sure we are growing, even as we get a handle on our spending. one l
ABC
Jan 2, 2013 5:00am EST
-passing the compromise deal congress can try to take credit for retroactive tax cuts. >> this law is just one step in the broader effort to strengthen our economy and broaden opportunity for everybody. >> reporter: they have to deal with automatic spending cuts they put off and there will be a after they fight over the debt ceiling. sherrie johnson, abc2 news. >>> following last night's vote, congressman harris released a statement reading in part i oppose the legislation but in-- that increases taxes on 77% of people in my district. this bill is business as usual in washington and does nothing to deal with the real fiscal cliff, our 16.4 trillion dollar deficit. in fact, it adds 4 trillion dollars to the debt. he goes onto add that americans will pay an average of 1,000 dollars more in taxes this year than last. >>> news time 5:04. hillary clinton continues to recover in a new york hospital where she is treat being treated for a blood clot in her -- being streeted for a blood clot in her head. they are confident she will make a full recovery. she was admitted to the hospitalon sunday. >>> a two-a
CSPAN
Jan 2, 2013 1:00am EST
a comprehensive tax reform in the next congress. by making republican tax cut permanent, we are one step closer to a comprehensive tax reform that will strengthen our economy and create more and higher paid jobs for american workers. i urge my colleagues to support this bill and get us one step for -- closer to tax reform and reserve the balance of my time. >> the gentleman from michigan. >> i yield myself such time as i may consume. >> the gentleman is recognized. >> this is a bipartisan bill, and i will try to keep it in that spirit. as we are here today on january 1, hours away from americans returning to work, markets reopening around the world, around the world, and all eyes focusing on whether this institution can govern. this legislation allows us to get done what we need to get done. this bill is vital for our nation's economic well-being, and i want to emphasize, for its standing as the world's most important economy. it is vital for 114 million middle-class families whose tax cuts are made permanent. it is vital for 2 million unemployed american workers who need continuation of their
MSNBC
Jan 2, 2013 9:00am PST
if congress didn't renew the payroll tax cut. yesterday, in the dark of night and without a sound, that tax cut expired, enacting a 2% tax hike on all earnings subject to the payroll tax. the non-partisan tax policy center estimates 160 million americans will take this hit, with the average family paying an extra $1,000 a year. so in the lead up to last night's vote, neither side was pushing #40dollars. so joining us now from washington to make sense of all this is msnbc policy analyst ezra klein of "the washington post." how are you doing, ezra? happy new year. >> good afternoon, thank you for joining me. >> i've been reading my blog, as, of course, everyone should do every day. one of the things that's interesting is everyone is asking is this a good deal, but i think just from reading your blog, it's different for different people. i want you to break it down for me a little bit. let's start with deficits. if you care about deficits, was this a good deal? >> no. this was terrible if you care about the deficit. it was awful. so one thing the budget wonks are happy about is two ways to mea
LINKTV
Jan 2, 2013 8:00am PST
, that would have been fine. >> you mentioned sequester cuts, juliet schor. what exactly are sequester cuts? can you talk about the specific impact of the deal on medicare and medicaid? >> well, in the summer when the fight over the debt ceiling happened, there was a small group from congress that was a -- was supposed to come up with the deal on cutting the deficit before the end of the year and they did not. that was pretty predictable. so what congress did and the president, they sort of tied themselves to the math. they said, ok, if we cannot come up with a deal, there are going to be automatic spending cuts of $1.25 trillion over 10 years that begin january 2013. and those spending cuts were divided equally between military -- or what they call ended securities -- that is also homeland security and other associated kinds of cuts. and nonmilitary. and thus did not or do not include medicare, social security and benefits for veterans, but all other spending federally is in there. some medicaid, farm aid, programs on the port, energy programs, etc. those cuts are between those two areas.
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